Average house price in England soars to almost £300,000

UK house prices rose 6.1% in the year to September, up from 5.5% annual inflation in the year to August.

According to the Office for National Statistics, house price inflation was 6.4% in England, 1.1% in both Wales and Scotland, and 10.2% in Northern Ireland.

In England, annual house price increases were driven by the rises in the east at 8.4% and in the south-east at 7.4%.

Excluding London and the south-east, UK house prices rose by 5% in the 12 months to September. In London, annual house price inflation stood at 7.2%.

The average UK “mix-adjusted” house price in September was £286,000.

In England the average house price was £299,000, in Wales £175,000, in Scotland £199,000 and in Northern Ireland £162,000.

In London, the average house price was £531,000. The region with the lowest house price, at £158,000, was the north-east.

The prices are remarkably close to Rightmove’s asking prices for new property coming on the market within the last month. This week, Rightmove reported the average as £292,572.

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5 Comments

  1. surreymac

    If anyone can ever explain how ONS arrives at averages £100k higher than most other indices then I may start to take them seriously. As for saying that they are close to the current Rightmove figure then the defence rests.

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  2. AgencyInsider

    I agree surreymac. The ONS figure is downright misleading. The Land Registry figure for England and Wales, excluding London, as of September 2015 is £186,553. Even if London was included it would not shove the average price up to anywhere near the ONS level!

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  3. Anonymous Coward

    It all depends on the number of properties sold in each region at the price.

    10 properties sold at £100k and 10 properties sold at £1m have an average price of £550,000.

    Just one extra property at £2m (say) takes that average up to nearly £620,000.

    If we assume that there is more business going on at a higher price in some areas it is clear to see that the figure gets skewed upwards.

    The problem is with the word AVERAGE.

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    1. Anonymous Coward

      Also remember it is the Office of National (Damned Lies And) Statistics.

      😉

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      1. AgencyInsider

        Agreed AC. The trouble is that misleading stats like these from ONS allow politicians and civil servants to choose whichever ones suit their purpose. I can just hear Cameron spouting that ‘We must do the right thing [has anyone else noticed that this is the buzz-phrase of the moment] and help young people onto the housing ladder which now sees the average price of property at almost £300,000 yada yada yada…’.

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